NEWSFLASH

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PESO WEAKENS TO P34.22/DOLLAR, STOCKS DROP

Manila, Oct. 22, 1997 - Despite a rebound of banking and financial shares, the stock market index sank below the psychological 2,000-point mark as investors opted to stay liquid. The Philippine Stock Exchange Index lost 21.89 points to close at 1,993.89.

Losers outnumbered gainers 76 to 33. There were 849 million shares traded worth P2.33 billion. Leading the gainers in the banking sector is Metrobank, up 5.45 percent to P290.

Meanwhile, the peso weakened further against the US dollar, averaging at P34.223 from P33.95 last Monday.

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